The results of the battery lawsuit between the two companies, which ended with’LG Energy Solution (formerly LG Chem’s battery business division) win and SK Innovation’ lost, were reflected in the stock market on the 15th.
On this day, SK Innovation closed at 284,000 won, down 4.22% from the previous trading day (10th). LG Chem finished the market at 990,000 won, up 3.12%. Samsung SDI, a step out of the lawsuit between the two companies, ended the transaction at 805,000 won, up 2.81%. During the intraday, SK Innovation declined by about 10% and LG Chem increased by 5%, but the trade was closed with each decrease in fluctuation.
SK Innovation disclosed the final decision of the US International Trade Commission (ITC) in relation to the lawsuit between the two companies through the announcement before the market commencement on this day. Said.
The financial investment industry predicted that the possibility of an agreement between the two companies would be high, but evaluated that the negative impact on the US battery business of SK Innovation, which lost the lawsuit, would be inevitable. Hwang Yoo-sik, a researcher at NH Investment & Securities, said, “This is the expected result, but uncertainties in financial and credit rating fluctuations will continue depending on the size of the settlement amount in the future.” We believe that this will expand.”
From the standpoint of SK Innovation, in order to meet the battery plant construction plan, an annual capital expenditure (CAPEX) of 4 trillion won is required, and the debt ratio reaches 150% amid sluggish refining performance. It is an explanation that it cannot but be At the end of last month, SK Innovation announced that last year’s sales decreased 30.7% from the previous year and recorded an operating loss of 2.568.8 billion won.
As the likelihood of an agreement between the two companies increases, the uncertainty related to lawsuits rather decreases, and there are opinions that it is an opportunity to buy if the stock price falls. Hyun-Ryeol Cho, a researcher at Samsung Securities, said, “Through this decision, negotiations for agreement between the two companies are expected to begin in earnest. There may be concerns from some investors about SK Innovation, but this is a short-term concern, but concerns about the continuity of mid- to long-term business are limited. As a result, we recommend using it as a buying opportunity when adjusting the stock price because it is possible to draw an agreement with cash flowed from the listing of subsidiaries this year and the sale of existing businesses.”
LG Chem, the parent company of LG Energy Solutions, which won the lawsuit, is unlikely to have a significant impact on the stock price. If the agreement between the two companies is agreed, the settlement money may be positive, but a significant portion of LG Chem’s current corporate value (70 trillion won) is evaluated as the corporate value of LG Energy Solutions, a subsidiary in the battery sector, and when LG Energy Solutions, scheduled for the second half of this year, is listed. This is because corporate value is more important.
Rather, if it is concluded that the cause of Hyundai Motor’s electric car Kona fire accident is due to LG Chem’s battery defect, it is in a situation to reflect the provision cost and related issues may affect the stock price.
Samsung SDI has a relatively conservative investment form among the three battery makers, and there is an opinion that investment issues can drive up the stock price. According to Samsung Securities, the annual battery production of Samsung SDI and SK Innovation differed significantly at 22GWh and 5GWh, respectively, in 2019, but is expected to be close to 65GWh and 63GWh, respectively, in 2022. SK Securities researcher Kim Young-woo said, “Amid fierce competition between CATL and LG Chem in the rechargeable battery industry, SK Group’s strong expansion of secondary battery market share is an important variable.” “The more active investment expansion to secure market share is It is necessary.”
According to F&Guide, the target price estimates for securities companies as of this day are SK Innovation 322,200 won, LG Chem 1.252,500 won, and Samsung SDI 92,500 won. There was no change in the rating and target price of SK Innovation and LG Chem on that day. Researcher Hwang explained, “Because the timing of the agreement or the size of the settlement amount cannot be confirmed, the corporate value can be re-evaluated once the agreement is materialized, and we maintain our investment opinion and target price for LG Chem and SK Innovation.”
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